Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) had its price objective decreased by analysts at Oppenheimer Holdings, Inc. from $9.00 to $6.00 in a research note issued to investors on Friday. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer Holdings, Inc.’s price target would indicate a potential upside of 99.34% from the company’s previous close.

Other research analysts also recently issued reports about the stock. BTIG Research reissued a “buy” rating and issued a $11.00 price target on shares of Synergy Pharmaceuticals in a report on Tuesday, June 27th. BidaskClub raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, June 23rd. Zacks Investment Research raised shares of Synergy Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Canaccord Genuity reissued a “buy” rating and issued a $13.00 price target on shares of Synergy Pharmaceuticals in a report on Monday, July 10th. Finally, Citigroup Inc. reissued a “sell” rating and issued a $3.70 price target on shares of Synergy Pharmaceuticals in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $9.77.

Shares of Synergy Pharmaceuticals (NASDAQ SGYP) traded down 7.375% during midday trading on Friday, hitting $2.788. The company had a trading volume of 3,091,460 shares. Synergy Pharmaceuticals has a 12-month low of $2.78 and a 12-month high of $7.15. The company’s market capitalization is $627.17 million. The company’s 50-day moving average price is $3.39 and its 200 day moving average price is $4.19.

Synergy Pharmaceuticals (NASDAQ:SGYP) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.08. The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $1.98 million. During the same period in the previous year, the business posted ($0.23) earnings per share. Equities research analysts predict that Synergy Pharmaceuticals will post ($1.09) earnings per share for the current fiscal year.

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In related news, major shareholder Paulson & Co. Inc. sold 26,287 shares of Synergy Pharmaceuticals stock in a transaction on Monday, August 7th. The shares were sold at an average price of $3.77, for a total value of $99,101.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.80% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd purchased a new position in shares of Synergy Pharmaceuticals in the second quarter valued at about $101,000. California State Teachers Retirement System increased its position in shares of Synergy Pharmaceuticals by 0.9% in the second quarter. California State Teachers Retirement System now owns 401,730 shares of the biopharmaceutical company’s stock valued at $1,788,000 after acquiring an additional 3,686 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of Synergy Pharmaceuticals by 13.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,018 shares of the biopharmaceutical company’s stock valued at $142,000 after acquiring an additional 3,900 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Synergy Pharmaceuticals by 20.7% in the second quarter. The Manufacturers Life Insurance Company now owns 174,647 shares of the biopharmaceutical company’s stock valued at $778,000 after acquiring an additional 29,965 shares during the period. Finally, State Street Corp increased its position in shares of Synergy Pharmaceuticals by 2.4% in the second quarter. State Street Corp now owns 12,933,104 shares of the biopharmaceutical company’s stock valued at $57,552,000 after acquiring an additional 306,989 shares during the period. Hedge funds and other institutional investors own 71.48% of the company’s stock.

About Synergy Pharmaceuticals

Synergy Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s product candidates include TRULANCE (plecanatide) and dolcanatide. The Company is engaged in the discovery, research and development efforts around analogs of uroguanylin for the treatment of GI diseases and disorders.

Analyst Recommendations for Synergy Pharmaceuticals (NASDAQ:SGYP)

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